Are all crypto gambling charges expensive when it comes to USDT?

[gunhell16]

I'm just one of the crypto gamblers who often play and although I often always lose and have never experienced winning a large amount, my only question is that I have a gambling platform that I entered to play with predictions while having fun and just in case Good luck, I noticed that when it comes to the withdrawal transaction using USDT, the transaction is 19$ while the minimum withdrawal is 15$ The arrival seems silly, which in fact for an ordinary gambler is too high or too expensive for me. For example, if I want to withdraw the minimum amount of this gambling platform, it will appear that I have to add 4$ and it will also appear that I have not withdrawn anything.

But for other cryptocurrencies that you buy here on this platform such as dogecoin, the transaction fee is only 5 doge deducted, my question is, are most of the cryptocurrency gambling platforms when it comes to usdt withdrawal, are they this expensive is deducted from the transaction
as you can see in the picture?

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[Yogee]

Transaction fees are still high for erc-20 tokens and not just for USDT so it's natural that they charge higher withdrawal fee too. Change network to TRC-20 and you'll see a lot less fee. I'm guessing it's around $1 or less.

....

I checked etherscan's estimate for USDT transfers and the highest priority is only $1.17. That means the platform currently charging you $15 more. Gas price on Ethereum fluctuates like crazy so the casino's wallet provider must have overestimated it for good measure. I guess it's what you get for using centralized platforms.

[Coin_trader]

Base on your screenshot, This is normal for ERC20 tokens since it has a huge transaction fee around 4-5$. It will be inefficient to allow withdrawal that almost 50% of the transaction amount will be the fee. Ethereum tokens has an insane transaction which is the reason why they set minimum withdrawal for that specific tokens.

Use TRC20 network instead if you want to save fee because all tokens that runs on Ethereum blockchain has that kind of huge fee. Does TRC20 USDT has same min withdrawal amount? Other Casino typically set 5$ min. withdrawal amount for TRC20 USDT.

[gunhell16]

Base on your screenshot, This is normal for ERC20 tokens since it has a huge transaction fee around 4-5$. It will be inefficient to allow withdrawal that almost 50% of the transaction amount will be the fee. Ethereum tokens has an insane transaction which is the reason why they set minimum withdrawal for that specific tokens.

Use TRC20 network instead if you want to save fee because all tokens that runs on Ethereum blockchain has that kind of huge fee. Does TRC20 USDT has same min withdrawal amount? Other Casino typically set 5$ min. withdrawal amount for TRC20 USDT.

Yes, I didn't notice that right away Sir, I should choose the TRC20 network because its transaction fee is only 11 TRX, it's only around 0.6$-0.7$.

Because I play on this gambling platform most of the time, I can't gamble here using usdt because all I saw was 19$ but I didn't notice that it was ERC20 that's why it's expensive.

Anyway, thank you sir for saying that, I was just thinking about a lot of problems so maybe I didn't notice it right away. God bless you and have a nice day.

[adzino]

Base on your screenshot, This is normal for ERC20 tokens since it has a huge transaction fee around 4-5$. It will be inefficient to allow withdrawal that almost 50% of the transaction amount will be the fee. Ethereum tokens has an insane transaction which is the reason why they set minimum withdrawal for that specific tokens.

Use TRC20 network instead if you want to save fee because all tokens that runs on Ethereum blockchain has that kind of huge fee. Does TRC20 USDT has same min withdrawal amount? Other Casino typically set 5$ min. withdrawal amount for TRC20 USDT.

Yes, I didn't notice that right away Sir, I should choose the TRC20 network because its transaction fee is only 11 TRX, it's only around 0.6$-0.7$.

Because I play on this gambling platform most of the time, I can't gamble here using usdt because all I saw was 19$ but I didn't notice that it was ERC20 that's why it's expensive.

Anyway, thank you sir for saying that, I was just thinking about a lot of problems so maybe I didn't notice it right away. God bless you and have a nice day.

It is because ERC20 transactions are super expensive + I guess the casino keeps a small fees during withdrawal. We need to wait for ETH 2.0 and then the sharding which will reduce the costs of transactions.


TRC20 transactions are cheap like others said, but they should have also mentioned that its a different network. So make sure wherever you are withdrawing it does support TRC20 network and tokens or your coins are going to be lost forever. If you send a TRC20 token to a ERC20 network, highly likely you will loose your funds.

[Coin_trader]

Base on your screenshot, This is normal for ERC20 tokens since it has a huge transaction fee around 4-5$. It will be inefficient to allow withdrawal that almost 50% of the transaction amount will be the fee. Ethereum tokens has an insane transaction which is the reason why they set minimum withdrawal for that specific tokens.

Use TRC20 network instead if you want to save fee because all tokens that runs on Ethereum blockchain has that kind of huge fee. Does TRC20 USDT has same min withdrawal amount? Other Casino typically set 5$ min. withdrawal amount for TRC20 USDT.

Yes, I didn't notice that right away Sir, I should choose the TRC20 network because its transaction fee is only 11 TRX, it's only around 0.6$-0.7$.

Because I play on this gambling platform most of the time, I can't gamble here using usdt because all I saw was 19$ but I didn't notice that it was ERC20 that's why it's expensive.

Anyway, thank you sir for saying that, I was just thinking about a lot of problems so maybe I didn't notice it right away. God bless you and have a nice day.

Hehe no worries. I do overlook it sometimes since the symbol is almost identical to each other. But I still wonder why casino still accepts ERC20 tokens while there’s a counterpart token on different blockchain that offer much lower transaction fee. Using ERC20 is useless for gambling purposes except for whales that has huge amount of bankroll that can do it in one transaction.

But for the record. All gambling site charge flat rate for ERC20 mate. Make sure to always double check the network before you withdraw.

[Oshosondy]

are most of the cryptocurrency gambling platforms when it comes to usdt withdrawal, are they this expensive is deducted from the transaction
as you can see in the picture?

Yes, it is like that in all the crypto gambling sites that I have used before, it is because they are supporting USDT on ethereum blockchain, just like others have said.

But there are few gambling sites that you can withdraw USDT using cheap fee blockchain like Tron blockchain, USDT fee would be cheap if it is TRC20.

I like most gambling sites, they give varieties of option when it comes to withdrawal. I do use Litecoin, most if the gambling sites support Litecoin which I always prefer because of its low fee.

[ethereumhunter]

The fees will seem expensive if you want to withdraw your money in usdt based on erc20. But there is a trx based usdt option so it will reduce transaction costs. You don't need to choose erc20 to withdraw the money and look for other coin options such as doge, trx, xrp or even trx based usdt. And if the casino has bep20 based usdt coins, the transaction fees will be cheaper than others. But not all casinos have it and we can customize it with coins that have low transaction fees.

[dothebeats]

This is why you should not choose an ERC-20 token when doing transactions. You need to convert it to another crypto then proceed to withdrawal. It's faster and cheaper this way, and you can just convert it on an exchange afterwards if you really need USDT or an ERC-20 token for whatever purpose it might serve. Personally, I'd go XRP or Doge to withdraw as these two usually have less transaction fees and faster confirm times. Never use ERC-20 tokens for withdrawals no matter the service/platform.

[buwaytress]

Tell support it's too expensive (flat rates work well for you in network congestion usually, and conversely, you overpay in good times).

Not all sportsbooks/casinos charge you though. Withdrawals are free on Sportsbet and on Fortunejack (only that they do have minimum amounts, and the latter is pretty high, $150) and they do seem in my experience to use appropriate gas payments. I think that's fair though. Keep withdrawals frequency lean and no need to pay for tx fees.

[Adbitco]

It all depends on gambling site your making withdrawal for me I mostly like withdrawing with LTC as is a bit cheaper and faster to deliver. If that platform support Tron (TRC20) then I would advised to make withdrawal with it as most convenient way to used.
Before making deposit in any casino or gambling site try as much as possible to read their T&C's to enable be at safer side while dealing with them, also make sure to check KYC conditions.

[makishart]

It seems like that problem is if that was still using ethereum blockchain instead of tron. If you are picking tron blockchain and it must not be so expensive like that. It must be refer to this https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7

Average fees for now was around $1 - $2 which is non sense thing if gambling site to chart just like what you have mentioned in the picture. Im sure that the owner of site are still using old calculation.

Even bitcoin tx in stake was consuming a very very small fees for transactions. That site was still applying non sense transaction fees for its users.

[Baofeng]

Good that you have ask the community about it, because if you continue to used ERC-20, then all your winnings wil be just for the transaction fee.

So as others suggest TRC or Tron based will be the optimum to used because they are very cheap and very quick. And for others who are still using ERC-20, used TRC instead. Or used casinos that don't charge withdrawals.

[bisdak40]

Good that you have ask the community about it, because if you continue to used ERC-20, then all your winnings wil be just for the transaction fee.

So as others suggest TRC or Tron based will be the optimum to used because they are very cheap and very quick. And for others who are still using ERC-20, used TRC instead. Or used casinos that don't charge withdrawals.

This used to be my problem before, transferring/depositing cryptos to online bookies frequently with a high fee that is why I'm forced to use XRP which leads me to another problem, its volatility, the value you deposited might be lesser than expected when withdrawn because XRP is too volatile though the transfer is almost instant.

This usdt-trc20 is really good for us crypto gamblers and I'm glad that my favorite bookies offered this just recently.

[romero121]

Good that you have ask the community about it, because if you continue to used ERC-20, then all your winnings wil be just for the transaction fee.

So as others suggest TRC or Tron based will be the optimum to used because they are very cheap and very quick. And for others who are still using ERC-20, used TRC instead. Or used casinos that don't charge withdrawals.

As stated it is always good to use Tron, which gives the fastest transaction as well as with the lowest transaction cost. As suggested there were casinos that doesn't charge withdrawal, and I'm not sure how effective is this happening around. Based on the information from our forum I came across this thread which might be useful to find the right casino.
Casinos with free withdrawal fees

[rhomelmabini]

Good that you have ask the community about it, because if you continue to used ERC-20, then all your winnings wil be just for the transaction fee.

So as others suggest TRC or Tron based will be the optimum to used because they are very cheap and very quick. And for others who are still using ERC-20, used TRC instead. Or used casinos that don't charge withdrawals.

Yeah, it's always a must to check things and to asked things but for Ethereum transactions I think it will be just for the last time considering they are transitioning to PoS. To be honest, there are plenty of L1 out there that cost cheap to process things, it just really takes time for Ethereum to be that one.

As far as I know most casinos nowadays integrate more L1s on their platform considering that it attracts user too to check or play on their site and I'm one of that folks to love it such feature for a casino.

[Wexnident]

But for other cryptocurrencies that you buy here on this platform such as dogecoin, the transaction fee is only 5 doge deducted, my question is, are most of the cryptocurrency gambling platforms when it comes to usdt withdrawal, are they this expensive is deducted from the transaction
as you can see in the picture?

It's the network that's the problem. I think most (if not all) casinos offer the same network withdrawals, it's just up to us on what we want to actually use so ofc most gamblers would choose the cheaper option, in this case TRC 20. I used to have the same problem back then, mostly because I didn't know jack about networks and stuff so I momentarily stopped doing anything about gambling. I then found out more about transfers and stuff which made it much cheaper for me to use.

[Jawhead999]

That means the platform currently charging you $15 more. Gas price on Ethereum fluctuates like crazy so the casino's wallet provider must have overestimated it for good measure. I guess it's what you get for using centralized platforms.

I don't think it's because bad measurement, but I'd say the platform e.g. Wintomato is charge higher fees to get more money. The gap is really far for 15x times higher, other centralized exchange and casino didn't even charge such value right now.

It's not about USDT or ERC20 chain that make the fees is really high, but the casino is. I think it's shady for such act and I would never gamble on that casino.

[Maus0728]

It's not about USDT or ERC20 chain that make the fees is really high, but the casino is. I think it's shady for such act and I would never gamble on that casino.

A shameless plug for how you argue with the casino's bitcointalk representative in terms of withdrawal issues and slow support response^[1]. For OP, i'd consider this scam accusation as a warning especially with how high the withdrawal fees is being charged from their players.
[1] https://bitcointalk.org/index.php?topic=5384260.0

[YOSHIE]

my question is, are most of the cryptocurrency gambling platforms when it comes to usdt withdrawal, are they this expensive is deducted from the transaction
as you can see in the picture?

LTC, ETH and BTC withdrawal & deposit methods that I have used on gambling sites, I have never used the ERC20/TRC-USDT network, although many gambling sites use withdrawals & deposits via usdt such as: Sportsbet.io, Livecasino.io, Duelbits, BlackJack.Fun, I think TRC-20 network is currently the cheapest in usdt withdrawal method, my thinking is TRC network, average cost is about the same across all sites/cheap, slightly different, maybe.

Maybe, we will wait for members here who have used the usdt withdrawal method on certain gambling sites, that's where we can compare which ones are cheap and which are expensive, be it the ERC20/TRC network in usdt.